Basic Cost Concepts...with a touch of humor | Managerial Accounting
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- čas přidán 29. 06. 2024
- This video covers basic cost concepts...with a touch of humor for managerial accounting.
Before discussing Managerial Accounting topics such as activity-based costing and the Balance Scorecard, it's important to have a strong foundation in the basic cost concepts.
This includes understanding what a cost is, and knowing the distinction between direct and indirect costs. For manufacturers, this also includes knowing the difference between product and period costs.
It is also critical to understand concepts such as opportunity cost and sunk costs.
Also, here's the link to the master's degree program in Puppet Arts at the University of Connecticut: drama.uconn.edu/programs/pupp...
This video is my first attempt to use humor in one of my educational videos, so I hope you enjoy it!-
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.
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Michael you are an inspiring person that takes the accounting profession education to the next level. These days, people ONLY desire earning money and you have changed this mindset. I appreciate your enthusiasm and thank you for producing great contents !!
Wow, thank you my friend!
This man is an American hero
Thank you for such kind words my friend!
I have ADHD and I struggle to focus on complex concepts but I had no problem with this video. The fast paced humor and information is exactly what I need. Thank you so much 😊
No problem, I'm glad you enjoyed this style of video!
Just Wow. Loving the new virtual face-to-face setup. & of course,the humor 😂 . Thanks a lot for sharing your gift Sir
No problem my friend!
Wow, a face behind the man that helped me graduate. Thank you so much for your videos they really help accounting students who have negligent professors (like i did.) Your videos on bonds really saved me!
Thank you for the kind note! I'm sorry your professors were incompetent, but I'm glad the videos were of help to you. I hope you're doing well!
I am in process of taking CPA exams and your lectures have been tremendously helpful. Thank you.
By the way, I never realized you can smile while learning about cost accounting :)
I'm glad you enjoyed the video! Good luck on the CPA exam!
genuinely laughed out loud about the groundhogs 1:27
I'm glad you liked that!
@@Edspira it was totally worth the cost.
I just learned more from you in 7 minutes then I did from my online "instructor" in 3 plus months! Well Done lol
Thank you! I'm sorry your instructor was awful!
mannn, I am in my last semester and I have acct 320. My professor is really nice, but hard to learn from. you sir are THE GOAT 🤝🏽
Brilliant video! I just started my managerial accounting course and this was recommended by our professor. Really helped me understand these basic cost concepts and just how broad the term "cost" can be.
Lucky those students who have him as a teacher!
Thank you!
Good job! Haven't been following the channel for all that long, but you've created a new approach here. I hope you carry this style into more and more complicated areas. Never stop experimenting.
Thanks, will do!
ONE OF THE BEST ACCOUNTING CHANNELS EVER!!!! i wish i came across your page years ago!
so glad I found this channel. I wish every accounting class was taught this way. 😀
Exactly the right mixture of humour and facts! And very well-chosen examples! Love it!
Glad you enjoyed it!
Keep up the Good work, Michael.
And the new segment "Humour" is another wonderful addition 😂
I'm so glad you enjoyed it!
Excellent! Great information. And your humor has only improved since your Toastmaster days. I look forward to future videos. Who knows? I might even learn something!
Thank you Joe! I learned a lot from you; I still remember you delivering outstanding speeches with no notes whatsoever. I hope you are doing well!
OMG this was awesome 😂!
I hope you do more videos in this fashion. You can be the John Oliver of Accounting!
I'm so happy that you enjoyed it!
Face to face is certainly better than your traditional videos! It's nice to see the person who we're learning from.
I'm glad you enjoyed it!
That is really amazing funny and clear explanation! Very nice new presentation.
Thank you Michael
I'm glad you liked it Tarek!
Excellent !!! Learning with fun :)
Thank you! Cheers!
I'd love to support your work! You're an international treasure and we such content to keep coming 🎉
Mr. Mclaughlin, wow, you do know how to speak, how to teach. Thank you so much for making these amazing videos!
Wow, thank you so much!
you are just the best man. thank you for making these videos seriously.
😉
You are so amazing! you're making me enjoy learning. it actually kind of feels like watching TV, yet i'm able to review my accounting concepts and hope to eventually write my CPA exam (in Canada!) will keep you updated! thanks for your kindness and generosity!!! really appreciate it!!!
Thank you so much! I hope your life and career are going phenomenal!
This was just great to watch ! Great revision too!
Thank you!
Accounting is quite honestly the worst thing on Earth and I believe accountants are nothing short of sadists, but you make it bearable sir. Love your humor
Thank you!
Gotta agree with the other people commenting! The energy and enthusuiasm you have for this profession is glorious! I want to be just like that when I'm done with my exams, I'm doing ACCA in Ireland.🤩
Loved this video! Thanks so much for taking the time to make it lively :). It really helped me understand the concept.
Glad it was helpful!
one of the best videos of education I ever seen !
That means a lot. Thank you so much!
Thank you so much for this video! Loved the humor sprinkled in haha!
Glad you enjoyed it!
You are doing a great job ... your videos are life changing.... can't thank you enough...
You just made my day! Thank you :)
Very informative, and quite humorous at times, very epic 10/10
Glad you enjoyed it!
This is just TOO GOOD!!🥺💯😫Thank you Professor
Glad you like it!
It's beyond good! It's AMAZING ❤
Michael, you are the best of the best!!! A Maestro.
Thank you my friend!
Thank you for another surprise. Great explanation.
My pleasure!
Best educational video I've watched
Thank you!
What an awesome teacher , I have always loved your videos , you make it easy for an old person who is not an accounting person easy to understand this course well , thank you , this video is hilarious too
Thank you for the kind words my friend!
you are the best accounting teacher!
Thank you! 😃
Damn, I wish you would be my professor. You are crazy good in explaining things!!
I love this. On point even if you are sleepy.
😀
Nice work - way to spice up cost accounting...let's get you on stage at one of the accounting events!
😀
Love this!!! Thank you for your videos
Glad you like them!
Amazing video, hope you’re still creating
Indeed I am, thank you for the support!
Needed this. Thank you very much. Amazing job
Thank you!
Love your videos!
Thank you!
I would've loved to have had you as a professor, your vids on financial accounting really helped me with FAR
Thank you, I'm glad you found the videos helpful!
Excellent video. I learned a lot. Thanks
Glad you enjoyed it!
Wow 🤩 amazing video , I love it . Thank you Michael 🙏 I have management accounting subject , this semester and how lucky I am to watch your videos, makes it more exciting my study 😊 please continue your videos , because what you do is life saver ❤️
Thank you for the kind words! I hope you do great in your course!
Love the new style!
😜
Oh shit! I never knew accounting could be so fun to learn! Thank you for implementing comedy into your lecture it made learning the concept much more enjoyable
We are currently testing some different styles of videos to see what the audience likes best. Glad you liked this!
This is the best video I've seen
Thank you!
love from Canada! I clicked the thumb up even before I watched the video.
Thank you my friend!
Muchas gracias por el material, lo he escuchado con atención y me gusta su modo pedagógico. Gracias!! Tu material es genial.
De nada!
McGraw Hill is great but for some reason I learn better practically than from reading the book. Many thanks for simplifying
No problem my friend
Thank you for the video Sir Please continue this type of videos in future it's very helpful.
I'm glad you liked the new video style!
I finally put a face behind the name. I love your videos.
Thank you for your support! I hope you are doing well!
sir you are a life saver
Thank you!
I can use more of these videos. It really helps with learning and keeping engaged. Currently studying for FAR exam.
Good luck on the test!
"Unless you're in Las Vegas..." 😂😂
:)
LMAO 😂 IGUANA RACES!!!! I’m freaking dying lmao!!!!!! Great video! Love the energy
I'm glad you liked it! I put my heart and soul into that video 😀
Thanks - I’m taking a management accounting starting July 1st📊📆📅🗞
You got this!
you're so awesome!
I wish my teacher speaks like you... like both my accounting prof this semester keep making pauses, repeating what they said, and speak so slow. Basically an equation for me wanting to sleep
Sorry to hear your accounting prof is subpar. But I'm glad you enjoyed the video!
im sure that you are able to be a comedian writer boss 🙂. you have this gift beside an accounting tutor ❤️ . what an objective sense humor lecture 😍😍
Thank you so much 😀
i enjoyed it so much dang it amazing
Thank you!
Love the WOW reference.
😀
As a UConn alum who had a friend named Pete, this feels like a personal attack... on another note thank you for all the accounting videos, they are beyond helpful in understanding some of these concepts.
Ps. Don't visit the UConn puppetry museum, it's terrifying
😂
OMG I love this so much!! 😂😂
I'm glad you liked it!
@@Edspira Keep it up sir, you're the best!!
Awesome video
Thank you!
I am a sucker for large collection of books with similarly designed covers.
THANK YOU SO MUCH
It was my pleasure!
This guy is awesome! I LOLed multiple times hahahah
😀
excellent intro for newbies like me
Glad you liked it!
amazing
I was looking for some summarizing video's on managerial accounting and came across this good content, but for some dark, unknown reason was spiked up with some unnecessary narrowminded and belittling humor. oh well to each their own. the overview of the concepts was good.
Awesome content 😂
Thanks William!
This book I’m reading has 34 chapters, it takes me 30 minutes to read 1; I wake up at 9:00am and sleep at 10:00pm. I spend 2 hours doing my afternoon walk. Now using all this information, how many days would it take me to finish reading the book?
Nothing like Dad jokes and accounting.
Sounds like a plan...... Haha much appreciated
As part of my acca journey, I'm learning MA. Could you suggest a book that would be beneficial to me for my MA?
Can you do a series on Cash Flows. (If you don’t have open)
I currently have 16 videos on the Statement of Cash Flows. Here is a link to our financial accounting index, which is often easier to navigate than the CZcams playlist. www.edspira.com/index-financial-accounting/
Wtf did I just watched 😂😂😂 dude you are hilarious!!!
Can't beat Punxatawney Phil.
😀
Where does SG&A fit into what u explained?
What about R&D expenses ?
SG&A and R&D are period costs and are expensed when incurred (in contrast to product costs, which are capitalized to the inventory account and expensed when the inventory is sold)
thanks for this video, sir. i'd be more than hapy to buy a course on udemy if you ever consider makiing one
I wish you were my professor lol
😀
Come to barbados and lecture 😭
I'd love to!
wait. how did he know I took drugs this morning
😂
Hey, could you somehow send us the list of the books seen on your book shelf?
Do you mean just the business books? Some of the books in the background are novels, or foreign language books
@@Edspira Yes, all econ-related books. Sorry for the late reply.
Poor Economics, The Rise and Fall of American Growth, Blue Ocean Strategy, The Lean Startup, Measure What Matters, Good Strategy / Bad Strategy, Fordlandia, Out of the Crisis, Playing to Win, The Economics of Poverty
@@Edspira Thank you
you are exactly how I imagined you'd look like.
😎
HAHAHAHA SO GOOD
Glad you liked it!
Who’s going to eat all this kale?! Lmaooooo 😂
Sounds like it's something that could have happened in real life!
I think you mean a level 70 "mage"
My head exploded Wages aren’t expense till the inventory is sold? This is why I fail
Puppetry majors rn: 👀
so the company owes the labour money, and this becomes an asset in the inventory section of the balance sheet. its profound alright, a profound scam
best spent 8min in my costing journey